When a business closes its accounts only at year end

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3.When a business closes its accounts only at year-end:A) Financial statements are prepared only at year-end.B) Adjusting entries are made only at year-end.C) Revenue and expense accounts reflect year-to-date amounts throughout the year.D) Monthly and quarterly financial statements cannot be prepared.
4.When a business adjusts its records monthly, but closes its accounts only at year-end:
5.Which of the following amounts appears in both the Income Statement debit column and the Balance Sheet credit column of a worksheet?
6.Which of the following is not included in an end-of-period worksheet?
7.Preparation of interim financial statements:A) Makes the preparation of year-end financial statements unnecessary.B) Requires the journalizing and posting of adjusting entries.C) Requires the journalizing and posting of closing entries.D) Is done monthly or quarterly-in between the year-end financial statements.
8.If monthly financial statements are desired by management:

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